Engineers Gate Manager LP Has $33.79 Million Position in International Paper Company $IP

Engineers Gate Manager LP increased its position in shares of International Paper Company (NYSE:IP) by 815.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 886,943 shares of the basic materials company’s stock after purchasing an additional 790,057 shares during the period. Engineers Gate Manager LP’s holdings in International Paper were worth $33,793,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. MV Capital Management Inc. bought a new position in International Paper during the 4th quarter worth $25,000. Aberdeen Wealth Management LLC bought a new stake in shares of International Paper in the second quarter valued at about $27,000. DV Equities LLC bought a new stake in shares of International Paper in the fourth quarter valued at about $29,000. Ascentis Independent Advisors acquired a new position in shares of International Paper in the first quarter valued at about $28,000. Finally, Kelleher Financial Advisors acquired a new position in shares of International Paper in the third quarter valued at about $36,000. 81.95% of the stock is currently owned by institutional investors.

International Paper Stock Down 4.8%

Shares of NYSE IP opened at $34.73 on Thursday. The company has a current ratio of 1.10, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The company has a market cap of $18.39 billion, a price-to-earnings ratio of -5.33, a PEG ratio of 4.54 and a beta of 0.93. International Paper Company has a 12 month low of $29.26 and a 12 month high of $50.25. The stock has a 50-day moving average price of $39.39 and a two-hundred day moving average price of $37.07.

International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. The business had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same quarter in the prior year, the firm earned $0.20 EPS. The firm’s revenue was down 11.3% compared to the same quarter last year. As a group, analysts forecast that International Paper Company will post 1.34 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend is Friday, August 14th. International Paper’s payout ratio is presently -28.37%.

Insider Buying and Selling at International Paper

In other International Paper news, CAO Holly G. Goughnour sold 3,500 shares of International Paper stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total transaction of $146,860.00. Following the transaction, the chief accounting officer directly owned 34,248 shares of the company’s stock, valued at approximately $1,437,046.08. The trade was a 9.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP William Hamic sold 24,500 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $41.20, for a total value of $1,009,400.00. Following the completion of the sale, the vice president directly owned 106,952 shares of the company’s stock, valued at approximately $4,406,422.40. The trade was a 18.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by company insiders.

Analysts Set New Price Targets

IP has been the subject of several analyst reports. Wall Street Zen cut shares of International Paper from a “hold” rating to a “sell” rating in a research note on Tuesday, August 25th. JPMorgan Chase & Co. upgraded shares of International Paper from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $51.00 to $61.00 in a research report on Tuesday, July 28th. Loop Capital set a $61.00 target price on shares of International Paper in a report on Tuesday, July 28th. Bank of America downgraded shares of International Paper from a “buy” rating to a “neutral” rating and set a $41.00 price target for the company. in a research report on Tuesday, July 14th. Finally, Seaport Research Partners reiterated a “buy” rating and issued a $46.00 price target on shares of International Paper in a research note on Wednesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.75.

About International Paper

International Paper Company (NYSE: IP) is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.

Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.